To compensate for this lack of income, Stanley lowered rents by 20% in Stanleytown. Due to these changes, the company was able to operate through the Great Depression and maintain a narrow profit margin. Stanley Furniture was an American furniture manufacturer based in High Point, North Carolina, United States.
HIGH POINT — Stanley Furniture’s announcement this week that it is shuttering its Young America youth line has left many — from retailers to licensing partners — wondering what’s next.
Prillaman was replaced on an interim basis by Matt Smith, managing director of the Finley Group. In March 2018, the sale to Churchill Downs, LLC was getzta.io finalized making Walter Blocker the company’s new owner. Blocker serves as chairman of the Vietnam Trade Alliance based in Ho Chi Minh City, Vietnam.
The success of this first collection ushered in a time of prosperity for the company. Profits steadily rose from 1925 through 1928, and in 1929 the company decided to double its production capacity to meet growing demands. The decision to move production to the USA in 2009 was hailed at the time as a game changer for the brand. Stanley had invested $9 million on upgrading and automating the Robbinsville planet, according to the Winston-Salem Journal.
“We have decided to cease manufacturing operations in Robbinsville,” said Glenn Prillaman, President and Chief Executive Officer. Young America also suffered from self-inflicted wounds, including shipping delays in 2013 the company blamed on a faulty computer system. The company also stuck with a strategy of selling its goods only in specialty stores, despite the decline in the number of specialty stores over the years. The company largely missed out on the ecommerce boom for nursery furniture.